wukan wrote:Your questions are answered herehttps://www.youtube.com/watch?v=4c6rIt0fe7w.
One day you will realize why muhindis have stuck to parklands and westlands and somalis in Eastleigh, South C
Wukan, kuwa serious,
The video is about as germane to our local context as Thanksgiving Turkey to the average Kenyan.
1. The USA is a mature economy in decline, Kenya is a developing economy that is just getting started. We had a long discussion hapa about the same. The property dynamics between the two are like night and day. Huge debt - and the resultant boom/bust price cycles - is the opium of the property markets in the USA. In Kenya we have a paltry 100k or less mortgages in the whole country. In DC probably 60-80 percent of homeowners do not owe a single ndururu on their mansions. Hence the prices going nowhere but up long term.
2. Property taxes as a major factor in any issue in DC is next to ZERO. Half the video yaps about property taxes.
3. Kenya has sooo much undeveloped land that it is comical for you to compare it to to super urbanized USA where even every rural Hamlet has stima and a tarmack road nearby. Maybe when our economy matures to stima and tarmack in every village, zero slums and 90 percent population resident in urban areas can you even start to compare. Reaching that point may take 200 years!! As it did for the USA!
Bottom line tis a big joke to compare the two. In Kenya the suburban (satellite city) boom HAS NOT EVEN STARTED YET. Isitoshe our system has inbuilt mechanisms to ensure property prices keep going up with no structural end in sight - very little debt percentagewise fueling homeownership, super high birth rates, growing infrastructure, swelling middle classes and middle class purchasing power plus a hard-working population unspoiled by the welfare dole or any significant social safety net. Work or starve is the status quo. The property sector in such an economy si mjezo my friend, this is why prices have been going up in almost linear fashion since the mid 1960s with no end in sight

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In the final analysis, it all boils down to sheer plain old hard work and dogged persistence. Nothing more, nothing less!!